Helen and I are back from our extended holiday. We missed everyone in our little community, but needed the break. We went to India and China for several weeks. It was one of the nicest vacations I have had in a long time. Although China is a familiar destination, India was very new for us both. Lots of terrific experiences, including spending time with a yogi who is a master in mindfulness and meditation. I learned a lot.
While we away, the market had a very nice spring in early October. It is a little unusual to see the market rally like this in the first week or two of the month; typically, the market runs a little flat early in the month. But here, it took off and gave a positive response to the spring.
We are now coming into resistance as the market approaches the old trading range high put in on the last day of August. I would expect the market to hit that level tomorrow. This is the third time the market has come into the top of the trading range. We will see how it handles the 1224 high.
The possibilities are a test, an upthrust, absorption or a push through the resistance. I still see supply as dominate in this market and would expect price to find significant resistance in the area between the mid-March and mid-June lows should it rally above the 1224 level.
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Several new things are coming up or are in development.
- I will be a guest speaker on the Wyckoff Method at the Denver Trading Forum sponsored by Traders’ Library next week. Jack Swager, Steve Nisson, Jake Bernstein and others will also be on the forum. I am honored to be in such esteemed cpompany.
- We will be starting Chart Reading Mastery when I get back from Denver. We’ve had more interest in the course than usual, and it is nearly full.
- I’ve been invited to speak on trading psychology in China early next year.
A lot has been going on even though we were on vacation. More details on each of these will be posted on the blog a little later.
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